FAQs

If I refinance my mortgage, how much money can I save each month?
Answers to questions such as this one depend on so many variables.  What kind of mortgage do you have right now at what terms?  Do you want to convert some of the money you have established in equity in your home into cash that you can use for expenses or to consolidate debt?  Are you interested perhaps in converting your 30-year mortgage into a 10-year mortgage so that you pay it off sooner?  Once we understand what you want to do, we can help you pick the mortgage that meets those needs and then we can compare monthly payments for each of your options.

I have an Adjustable Rate Mortgage.  I’m afraid the rates are about to increase on me.   Can I replace it with a fixed mortgage?
That may make sense.  But it may also make sense to keep what you have or to get a new ARM, or maybe even a second trust or home equity line.  We’ll tailor a solution to meet your needs and be in-synch with your expectations about how long you expect to stay in your house, what you think about interest rate, and other issues.

I do not have a very pretty credit record.  In fact, my credit report shows some late payments. Realistically, what are my chances for getting a new mortgage or a home equity line? 
In the final analysis, mortgages are approved based on the amount of risk the lender has to assume.  There are risk-averse and risk-oriented lenders, and we can find loans that will meet your needs.  The process starts with a call or email to us.  We’ll take the information you want to give us whenever you feel comfortable sharing it with us, but the more forthcoming you are from the start, the quicker we can hone-in on what will work for you and let you know what your options are.

What about my credit score?  What does it need to be?
Again, there are no set rules, but obviously the better your credit score the more options you will be able to consider, and that will also include better rates.  Nevertheless, we’ve helped people get mortgages who have faced difficult times in the past that hurt their credit rating.  Let’s see what we can do for you.  We can work with factors other than the raw score you have.  Do you have a good payment record?  Will you start-out with some equity in the house?  Is there a reason we can site to explain your score?  We’ll make your case as strongly as possible for the best option for you.

I’m not even certain what else I need to worry about – things like pre-payment penalties.  Can you help?
This is a great question.  Too many people get approved for a mortgage or a loan and then fly-through the documentation and miss some important terms, some of which can cost you a lot of money.  That’s not the Open Attitude.  We’ll highlight the important hidden issues for you so you won’t face unexpected costs later on.  That’s the type of service that we thinks differentiates a highly professional local firm from the big mortgage companies that treat you like another number.